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>> yeah, there's two aspects of this fiscal cliff deal that have to happen. number one, it's got to be soon, meaning december. that's why markets went up when the president said i want a deal hopefully by christmas. secondly, it's got to be substantial. the different ideas of what substantial is. some combination of revenue raises and spending cuts that's maybe $ 100 billion at least. if that doesn't happen, the bears will come out saying we're going to get debt downgrades in the next few months. that's why the substantial part becomes important. >> there's a report safing we're far more likely to get an announcement about qe-4 in mid-december. a lot of people assumed that was the case. how good would that be for stocks? >> i think it's baked into the market right now. we know the fed is going to be easy for a long time. there's no real threat of inflation. unemployment is still high enough. they're going to be easy. i disagree with the last guest about the need for something before the end of the year on the fiscal cliff. i don't think we're going to see any
>> yeah, there's two aspects of this fiscal cliff deal that have to happen. number one, it's got to be soon, meaning december. that's why markets went up when the president said i want a deal hopefully by christmas. secondly, it's got to be substantial. the different ideas of what substantial is. some combination of revenue raises and spending cuts that's maybe $ 100 billion at least. if that doesn't happen, the bears will come out saying we're going to get debt downgrades in the next few...
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republicans anyblicans are demanding in any fiscal cliff deal. o raisew never to raise taxes on the w o entitlement programs now gobbling up more than 60% of annual federal spending. that means the white house to dough if i liberal democrats or >> the p enrage republicans. ted to thesident is very committed to the proposition itht we can deal with these challenges if we come together oach.dopt a balanced approach. >> i may sound glib what i'm about to say but this white house is really serious about an issuewhen it goes to twitter. anew white house hash tag on preserving the middle class tax preserving. that's $2,000, average amount that taxes would rise if the bush era texas cuts are not ttended. eek white house plans to hammer its issue all week, believing it will increase its leverage later if it happens when tax cut talks get serious. >>> one possible idea to raise revenue is hitting millions of americans very close to home. congress has refused until now to touch the very popular mortgage interest deduction. millions of americans count on is
republicans anyblicans are demanding in any fiscal cliff deal. o raisew never to raise taxes on the w o entitlement programs now gobbling up more than 60% of annual federal spending. that means the white house to dough if i liberal democrats or >> the p enrage republicans. ted to thesident is very committed to the proposition itht we can deal with these challenges if we come together oach.dopt a balanced approach. >> i may sound glib what i'm about to say but this white house is...
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struggling to get the fiscal cliff deal done. joining us, senior vice president of washington research, thank you for joining us. >> thank you. melissa: what do you read of the bits coming out, how do you think it is going the closer we are to reaching a deal. >> we are still weeks away from a deal. we will get something before christmas, but look at the thursday, friday, saturday before christmas. you look at the public statement, digested a little bit and kind of figure out what is going on behind the scenes. there have been talks going on behind the scenes, just don't thinthink they have all been as productive as we would like them to be yet. the real negotiating just beginning to pick up now. melissa: it seems like they're looking under every rock for more revenue. we were hearing about federal gas tax, talking but obviously raising taxes on anyone who makes more than $250,000 but you don't hear anything serious about cutting spending or entitlement or anything. >> i think the white house thinks we are in a better place than
struggling to get the fiscal cliff deal done. joining us, senior vice president of washington research, thank you for joining us. >> thank you. melissa: what do you read of the bits coming out, how do you think it is going the closer we are to reaching a deal. >> we are still weeks away from a deal. we will get something before christmas, but look at the thursday, friday, saturday before christmas. you look at the public statement, digested a little bit and kind of figure out what...
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if an when the president and congress do reach a deal on the fiscal cliff, what will it look like? we'll get some thoughts from the fox all-stars when we return. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ >>> right now, as we speak, congress can pass a law that would prevent a tax hike on the first $250,000 of everybody's income. so we really need to get this right. i can only do it with the help of the american people. so, tweet, what was that again? my2k. do what it takes to communicate a sense of urgency. we don't have a lot of time here. >> in order to come to an agreement, republicans are willing to put revenue on the table. time for the president and the democrats to get serious about the spending problem that our country has. >> bret: some of the back and forth today the president calling on people to get involved including on twitter. this as he met this morning with unions and other liberal org
if an when the president and congress do reach a deal on the fiscal cliff, what will it look like? we'll get some thoughts from the fox all-stars when we return. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ >>> right now, as we speak, congress can pass a law that would prevent a tax hike on the...
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aimed at staving off the fiscal cliff contain no medicare, medicaid, and social security benefit cuts. it puts them at odds with the president who has said everything should be on the table, including entitlements, senate republican leader mitch mcconnell. >> we want to save these programs and i understand the dilemma the president and the majority leader have. their hard left doesn't want to change anything ever. >> reporter: but the top senate democrat harry reid says republicans are the ones dragging their heels. there's been little progress with the republicans, which is a disappointment to me. they've talked some happy talk about doing revenues, but we only have a couple weeks to get something done. >> reporter: republicans point out that medicare and medicaid are the largest future drivers of the debt. they say they won't agree to increased revenue from taxes unless they get entitlement cuts as well. scott, it's safe to say there are going to be people on the right and left howling mad at no matter what this deal looks like. >> pelley: nancy, thank you very much. one idea they'r
aimed at staving off the fiscal cliff contain no medicare, medicaid, and social security benefit cuts. it puts them at odds with the president who has said everything should be on the table, including entitlements, senate republican leader mitch mcconnell. >> we want to save these programs and i understand the dilemma the president and the majority leader have. their hard left doesn't want to change anything ever. >> reporter: but the top senate democrat harry reid says republicans...
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. >> still no deal on capitol hill to avoid that "fiscal cliff" at the end of the year. some republicans have said they are willing to consider some tax increase but they are insisting on larger budget cuts to benefit programs which of course the democrats oppose. if all sides can't agree on a spending plan before year's end the automatic tax hikes and across-the-board budget cuts kick in. >> we must do everything we can to ensure that middle class families are not hit with $2,200 a year in tax increases. >> i hope cooler heads will prevail as we move through the process. we need to be working together. >> president obama is trying to generate public support for his ideas. he is going to meet with corporate executives today at the white house, then travel to pennsylvania friday to push for highers taxes for the wealthy. >>> susan rice on capitol hill today again to meet with lawmakers. the u.n. ambassador is trying to explain comments she made shortly after attacks on the u.s. consulate in benghazi, libya. yesterday she met with three of her strongest senate critics incl
. >> still no deal on capitol hill to avoid that "fiscal cliff" at the end of the year. some republicans have said they are willing to consider some tax increase but they are insisting on larger budget cuts to benefit programs which of course the democrats oppose. if all sides can't agree on a spending plan before year's end the automatic tax hikes and across-the-board budget cuts kick in. >> we must do everything we can to ensure that middle class families are not hit...
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fiscal cliff by christmas. that's what the market wants to hear, they want a date. then we had a little bit of move towards the close as we heard qe-4 may be coming at the next fed meeting. that would be no surprise. we've been talking about that for a while. take a look at housing stocks. they did not participate in the rally. unusually down beat news here from the october new home sales. september revised to the downside as well. i think the problem here is the inventory of new homes is very limited right now in a lot of parts of the country. that limited the up side. retail stocks had a good day. express had positive comments as well as american eagle. >> thank you, bob. labor making its voice heard on the fiscal cliff. we're going to speak with the head of the service employees international union, seiu. they're hot on protecting social security, medicare and medicaid from any cuts in the friscal cliff negotiations. >> ceos meeting with president obama at the white house. that pow wow kicking off within the
fiscal cliff by christmas. that's what the market wants to hear, they want a date. then we had a little bit of move towards the close as we heard qe-4 may be coming at the next fed meeting. that would be no surprise. we've been talking about that for a while. take a look at housing stocks. they did not participate in the rally. unusually down beat news here from the october new home sales. september revised to the downside as well. i think the problem here is the inventory of new homes is very...
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call or click today. [ unting ] gerri: despite the calls from across the country, a fiscal cliff deal seems far away. should the g.o.p. surrender or stick to the principles? this is what some are posting. jake says the g.o.p. needs back to the core principles like making government work, balance the budgets with cuts and revenue increases. do not surrender, ever, stick to the core of smaller government, lower taxes. amen, lee. we asked and 5% said surrender, and 95% said stick to the principles. no surprise there. here's the e-mails. mike writes this, don't folks get it that government is not a producer, but a consumer? liberals view the government as an endless source of money which is why they riot in greece and spain because they bought into the notion that government is responsible for making their lilives comfortable. i'm a fan of cuts in everything other than defense. don from north carolina says democrats talk about raising the debt ceiling to $19 trillion. i doubt that rubber band can be stretched further before it snaps. i trust wal-mart bonds more than treasuries. ted says h
call or click today. [ unting ] gerri: despite the calls from across the country, a fiscal cliff deal seems far away. should the g.o.p. surrender or stick to the principles? this is what some are posting. jake says the g.o.p. needs back to the core principles like making government work, balance the budgets with cuts and revenue increases. do not surrender, ever, stick to the core of smaller government, lower taxes. amen, lee. we asked and 5% said surrender, and 95% said stick to the...
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cliff deal? could he end the drama right now if he stayed put in washington and held a series of face-to-face meetings with reid, mcconnell, boehner, and pelosi instead of his planned meetings this week with small business owners, business leaders and middle class americans, not to mention a trip scheduled for friday to pennsylvania. a state he won by five points in the election, to sell american voters on a tax plan he has very loudly and clearly said he's already sold them on. mark warner is a member of the senate's bipartisan gang of eight. they've been working to develop a deficit reduction plan. let me just ask you how you feel right now. 11 days since the president's met with congressional leaders face-to-face, do you think there needs to be more meetings like that right now? >> well, i think the president is doing the right thing. he's got to make the case to congress and the american people. not only of the dire consequences if we go over the cliff, but actually the tremendous upside. and
cliff deal? could he end the drama right now if he stayed put in washington and held a series of face-to-face meetings with reid, mcconnell, boehner, and pelosi instead of his planned meetings this week with small business owners, business leaders and middle class americans, not to mention a trip scheduled for friday to pennsylvania. a state he won by five points in the election, to sell american voters on a tax plan he has very loudly and clearly said he's already sold them on. mark warner is...
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at risk courtesy of a possible fiscal cliff deal. >>> first though, more "street signs" with mandy right now. >> thanks a lot, michelle. >>> $2 is all it takes. it could be your ticket to the life of luxury. that's how much it costs to get in on the record powerball jackpot. we're now at $550 million, guys. you got to be in it to win it. the draw something tonight. with the flurry of ticket sales, the pot could grow even larger. lottery officials put the odds of winning at 1 in 175 million. right now on cnbc.com, john carney has worked out the logistics that tell you what you need to do to guarantee that win. not sure guarantee is the word we can use here. nonetheless, say you win the powerball jackpot. how will the fiscal cliff impact you? there are a ton of different factors and scenarios here. this isn't exactly a science but let's just assume you're a single filer who hits the $550 million powerball. you take the lump cash payout of $360 million. assume the current federal tax rate on lotto wings is say 35%. you walk away with about $234 million. not bad. but, if we go over the fisca
at risk courtesy of a possible fiscal cliff deal. >>> first though, more "street signs" with mandy right now. >> thanks a lot, michelle. >>> $2 is all it takes. it could be your ticket to the life of luxury. that's how much it costs to get in on the record powerball jackpot. we're now at $550 million, guys. you got to be in it to win it. the draw something tonight. with the flurry of ticket sales, the pot could grow even larger. lottery officials put the odds...
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he said republicans should use that as leverage, congresswoman, in the fiscal cliff deal. the debt ceiling that obama plans lump into every month or so for the next four years provides plenty of leverage for the gop to trade for spending cuts, as done in 2011, or continuing the lower rates. are you willing to do that, use the debt ceiling in this as leverage? >> well, what i'm willing to do, is to talk about, and a very serious conversation, which i don't believe we're really having here on the hill right now, and that is we have a spending-driven problem. you can't keep on spending a trillion dollars more than what you bring in every year. and until we look at both sides of this issue, and a balanced approach on this where we're looking at what is driving the debt, and making sure that we're balancing our budget, it's both revenue, and spending. and we've got to talk about both of those and we've got to be serious about, look, these are difficult kmpgss, because you're talking about entitlement reform, which any time you talk about taking something away or changing, peopl
he said republicans should use that as leverage, congresswoman, in the fiscal cliff deal. the debt ceiling that obama plans lump into every month or so for the next four years provides plenty of leverage for the gop to trade for spending cuts, as done in 2011, or continuing the lower rates. are you willing to do that, use the debt ceiling in this as leverage? >> well, what i'm willing to do, is to talk about, and a very serious conversation, which i don't believe we're really having here...
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. >> republicans and democrats say there's been little progress in talks over the "fiscal cliff." >> we are not going to accept an unfair deal that hurts middle class america today and protect the wealthiest americans. >> seems like our friends on the other side are having some difficulty kind of turning off the campaign. >> and powerball, the prize hits a record high. >> i can't think what it would be like. >> never live to spend that kind of money. >> from across the bay to around the world, the stories that matter on "eyewitness news this morning." >> your realtime captioner: linda marie macdonald. >>> good morning, it's wednesday, november 28. i'm michelle griego. >> hi, everybody. i'm frank mallicoat. 5:31. and get ready to get soaked on this wednesday. check out cbs 5 hi-def doppler. it's all covered in green in a big way. the rain and wind are starting to pick up and it's expected to be a messy morning commute in the next few minutes. we have live team coverage on the first big round of the rain. >> cate caugiran is at the richmond/san rafael bridge with more on all those whip
. >> republicans and democrats say there's been little progress in talks over the "fiscal cliff." >> we are not going to accept an unfair deal that hurts middle class america today and protect the wealthiest americans. >> seems like our friends on the other side are having some difficulty kind of turning off the campaign. >> and powerball, the prize hits a record high. >> i can't think what it would be like. >> never live to spend that kind of...
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cliff deal. and more, ollie north on record gun sales, mike reagan on california and isaacs on warren buffett. here we go. "varney & company" is about to begin. looking for a better place to put your cash? here's one you may not he thght of -- fidelity. now you don't have to go a bank get the things you want from a bank, like no-fee atms all over the world. free checkwriting and mobile deposits. now depositing a check is easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account day and discover another reason >> wednesday, november 28th a bombshell report from forbes this morning, 11 states are in a death spiral. don't buy a house and don't invest in their municipal bonds. california, new york, illinois, of course they're on the list and smaller states like mississippi and new mexico also on that death spiral list. and the problem with the states accord to go william baldwin, he wrote t
cliff deal. and more, ollie north on record gun sales, mike reagan on california and isaacs on warren buffett. here we go. "varney & company" is about to begin. looking for a better place to put your cash? here's one you may not he thght of -- fidelity. now you don't have to go a bank get the things you want from a bank, like no-fee atms all over the world. free checkwriting and mobile deposits. now depositing a check is easy as taking a picture. free online bill payments. a...
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has to deal with the fiscal cliff and there is not much room for mutual influence. if you don't have your house in order, you cannot speak to our problems. this does not covered in our media very much. >> thank you. let's go to illinois. we have the votes from the judges. >> can you guys hear me? what can parliament do to encourage [indiscernible] >> thank you. we will go right to the answers. >> you the unemployment, i spent a long time in entering what could we do to regain trust and growth. i made a proposal, and i repeat it. the european union, together with the states in which the youth unemployment is so crop -- so great, we should support those enterprises who employ young people with direct support financially for the enterprise, or with privilege and taxes. those are the two possibilities, but we should do it. the fight against unemployment, in my eyes, is the highest priority for the european union, or must be the highest priority for the european union. the international labor organization spoke about the lost generation in such countries. to lose a whole
has to deal with the fiscal cliff and there is not much room for mutual influence. if you don't have your house in order, you cannot speak to our problems. this does not covered in our media very much. >> thank you. let's go to illinois. we have the votes from the judges. >> can you guys hear me? what can parliament do to encourage [indiscernible] >> thank you. we will go right to the answers. >> you the unemployment, i spent a long time in entering what could we do to...
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he'll ask them how the fiscal cliff could impact their lives. on tuesday he invited small business owners into the oval office to offer their ideas. >> they had one message for the president which is they need certainty. please get this deal done as soon as possible. >> reporter: but spending any time on capitol hill it's easy to see a deal forthcoming isn't coming soon. >> there's been little progress with the republicans which is a disappointment to me. >> their hard left doesn't want to change anything ever. they think any dollar spent or any commitment made by the federal government on any program at any time ought to be there in perpetuity. >> we are not going to accept an unfair deal that will hurt middle class today and protect the wealthiest americans. >> reporter: the president and congressional leaders have no talks scheduled for this week. now the president's meeting today with leaders from goldman sachs and comcast and yahoo! among others on friday he's hitting the road going to a toy factory in pennsylvania. >> susan mcginnis in was
he'll ask them how the fiscal cliff could impact their lives. on tuesday he invited small business owners into the oval office to offer their ideas. >> they had one message for the president which is they need certainty. please get this deal done as soon as possible. >> reporter: but spending any time on capitol hill it's easy to see a deal forthcoming isn't coming soon. >> there's been little progress with the republicans which is a disappointment to me. >> their hard...
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cuts as part of the big fiscal cliff. no deal in sight yet. take a look at what happened on capitol hill yesterday. naked protestors stormed the office of house speaker john boehner. they are protesting cuts in healthcare they say but shows how any kind of spend wiing cut are nearly impossible these days and they are warming for the president's call to raise tax revenue. many democrats are emboldened since the election refusing to talk about any specific cuts to federal spending. >>> president obama and democrats ran on a promise of bush tax rates. president obama didn't hide that last year of the campaign every place he went that's what he talked about. americans when they voted raised their voices and supported our pledge congress acted in accordance with the will of the people. >>> there's a debate of how to raise taxes. if government spending isn't paired back in some way republicans may not fine off on a deal. >> oo we already know the president is a good campaigner. we congratulate him on his reelection. what we don
cuts as part of the big fiscal cliff. no deal in sight yet. take a look at what happened on capitol hill yesterday. naked protestors stormed the office of house speaker john boehner. they are protesting cuts in healthcare they say but shows how any kind of spend wiing cut are nearly impossible these days and they are warming for the president's call to raise tax revenue. many democrats are emboldened since the election refusing to talk about any specific cuts to federal spending. >>>...
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the fiscal cliff is not a big deal. i'll quote one here. it's unlikely all of these bad things happen or stay in effect for an extended period of time. pundits call if the fiscal cliff smoke that is, instead of a cliff, the rising support for junking the fiscal approach as confusing and renaming it the austerity crisis or bomb. that's it. according to the u.s. news and world report, give the cliff another name, and that would change the entire impact on its problems. the reality, though, is this. you'll pay higher taxes in all likelihood. consider these numbers from the tax policy center. middle class earners, folks with an income of $64,000, their rate increased 3 #.8% or $2,000. upper middle class folks, $108,000 in income, family of four maybe, two people working, your rate is 4.2% or $3500. if you make more than half a million, watch for a more than 5 #% hike in taxes or $15,000 tax increase. in rich land, earners of more than $2.5, an 8% increase in the rate, and this is how much more you pay. this is what they call fair and equal, div
the fiscal cliff is not a big deal. i'll quote one here. it's unlikely all of these bad things happen or stay in effect for an extended period of time. pundits call if the fiscal cliff smoke that is, instead of a cliff, the rising support for junking the fiscal approach as confusing and renaming it the austerity crisis or bomb. that's it. according to the u.s. news and world report, give the cliff another name, and that would change the entire impact on its problems. the reality, though, is...
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he's going to have to cut a deal with republicans on the fiscal cliff. he has other big issues to deal with. he has several other cabinet nominees. does he want to dig in and pick a fight with someone he has personal loyalty to? what was the biggest problem, college educated women and people of color, do they want to oppose? both sides would have dicey political choices. there's a lot of talk in washington susan rice is undermined politically. it might hurt her in washington, but, wolf, you've covered world capitals. think about the world. if the president were to fight for her, again that's an if, people would say she's obviously his person, he's loyal to her. even someone like colin powell, people always wondered, am i talking to george w. bush or colin powell? will he be undermined by donald rumsfeld or dick cheney? if she wins, her stature might go up around the world. >> even if she were to be confirmed with let's say 60 votes, five republicans would jump and endorse her, the secretary of state supposed to represent everyone be a bipartisan leader i
he's going to have to cut a deal with republicans on the fiscal cliff. he has other big issues to deal with. he has several other cabinet nominees. does he want to dig in and pick a fight with someone he has personal loyalty to? what was the biggest problem, college educated women and people of color, do they want to oppose? both sides would have dicey political choices. there's a lot of talk in washington susan rice is undermined politically. it might hurt her in washington, but, wolf, you've...
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congress remains at odds over a budget deal to avoid the fiscal cliff. markets were spooked yesterday when senate majority leader harry reid said little progress has been made. today the president speaks at about 11:30 eastern on how potential tax hikes will hurt the middle class. he'll then meet with a second group of ceos at quarter of 5:00 p.m. to get their input on how to solve the fiscal crisis. that group will include brian roberts, doug olberhaman and marisa meyer. james gorman has been enlisting the help of his employees in the fight over the fiscal cliff. "the wall street journal" reports that he asked the bank's more than 16,000 financial advisers to urge their congressmen to reach a bipartisan compromise on a budget deal. gorman says no issue is more critical right now for the u.s. economy, the global financial markets and the financial well-being of our clients. jeff, hi. >> hi. >> pretty extraordinary that james gorman is putting this memo out to his employees, but the fiscal cliff appears to be the issue the global markets are most concerne
congress remains at odds over a budget deal to avoid the fiscal cliff. markets were spooked yesterday when senate majority leader harry reid said little progress has been made. today the president speaks at about 11:30 eastern on how potential tax hikes will hurt the middle class. he'll then meet with a second group of ceos at quarter of 5:00 p.m. to get their input on how to solve the fiscal crisis. that group will include brian roberts, doug olberhaman and marisa meyer. james gorman has been...
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the document warns the fiscal cliff would not only deal a heavy blow to the u.s. but might drag the global economy into recession. as for japan, the oect downgraded the outlook from 1.5% to 0.7%. they cited weak domestic demand. analysts urged the nation to compile detailed reliable plans for fiscal reform. u.s. consumer sentiment hit the highest level in more than four and a half years. researchers at analytics form the conference board say the consumer confidence index rose for a third straight month. the numbers rose to 73.7 in november, up from 73.1 in october. that's against a base value of 100 set in 1985. they say that the christmas shopping season started smoothly last weekend and the analysts are still concerned about the impact the fiscal cliff may have on consumer sentiment. the index is a key indicator of recovery and consumer spending which accounts for 70% of u.s. gross domestic product. now let's get a check on the markets. japanese stock prices are trading lower after four straight days of gains in the nikkei average is currently down half a percen
the document warns the fiscal cliff would not only deal a heavy blow to the u.s. but might drag the global economy into recession. as for japan, the oect downgraded the outlook from 1.5% to 0.7%. they cited weak domestic demand. analysts urged the nation to compile detailed reliable plans for fiscal reform. u.s. consumer sentiment hit the highest level in more than four and a half years. researchers at analytics form the conference board say the consumer confidence index rose for a third...
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on the fiscal cliff could really look like. nbc's senior political editor mark murray will join us with the first read. >>> just today, lottery officials increase the size of tonight's record powerball jackpot. going to tell you how much it's worth now. updated just a short time ago. be sure to check out the "news nation" tumblr page. he claims he is not impressed with the lotto hype but did give money to the pool. that's a behind the scenes photo of the day. ♪ [ male announcer ] it's that time of year again. medicare open enrollment. time to compare plans and costs. you don't have to make changes. but it never hurts to see if you can find better coverage, save money, or both. and check out the preventive benefits you get after the health care law. ♪ open enrollment ends december 7th. so now's the time. visit medicare.gov or call 1-800-medicare. so now's the time. restore revive rejuvenate rebuild rebuild rebuild >>> as talks on the so-called fiscal cliff accelerate, our first read team notes they're basing the bases for wh
on the fiscal cliff could really look like. nbc's senior political editor mark murray will join us with the first read. >>> just today, lottery officials increase the size of tonight's record powerball jackpot. going to tell you how much it's worth now. updated just a short time ago. be sure to check out the "news nation" tumblr page. he claims he is not impressed with the lotto hype but did give money to the pool. that's a behind the scenes photo of the day. ♪ [ male...
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could be reached on the fiscal cliff by christmas. that's what traders want to hear, they want a timeline, some clear indication when these negotiations are going to be over. elsewhere, there seems to be a little bit more optimism recently. i noticed stocks that are multi-industry. these are companies that work across many boundaries, many international borders and sell a lot of different products to a lot of different industries. we're all stronger today. johnson controls, eaton corporation, companies like that. right near multi-minute highs. that's certainly a very good sign. retailers continue to report relatively good news. we had positive comments from american eagle and express, all those stocks up 4%, 5%, 6%, 7%. express up about 11%. again, a little bit of a disappointment because their current numbers weren't that good but quarter comments for the fourth quarter were very positive. >>> to the nasdaq now where bertha coombs is following the big movers over there. >> consumer discretionary strong here. green mountain coffee aft
could be reached on the fiscal cliff by christmas. that's what traders want to hear, they want a timeline, some clear indication when these negotiations are going to be over. elsewhere, there seems to be a little bit more optimism recently. i noticed stocks that are multi-industry. these are companies that work across many boundaries, many international borders and sell a lot of different products to a lot of different industries. we're all stronger today. johnson controls, eaton corporation,...
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congress getting its act together on the fiscal cliff but a deal may finally be in reach and senator john barrasso joins us with an update. that is coming up next. >>> plus a sixth straight day of protests against egyptian president morsi. we'll tell you how his most powerful opponents are now planning to rein him in. more "money" coming up. ♪ ♪ . melissa: and now, to the fiscal cliff. things seem to take a 180 as news out of the white house indicated progress, made. earlier senator orrin hatch said both sides were about 23 dal billion away from a deal. that sounds like a lot. in washington that is nothing, going over the cliff. we were looking more than 600 dal billion in tax increases and spending cuts. wall street was pleased what they heard today. the president is meeting with top ceos as we speak. make of that what you like. with his take, wyoming senator john barrasso. thanks for coming back to the show. we always appreciate your time. >> thank you, melissa. melissa: what do you think? are we getting closer? to me 23 dal billion, that is a little money. but to you guys that
congress getting its act together on the fiscal cliff but a deal may finally be in reach and senator john barrasso joins us with an update. that is coming up next. >>> plus a sixth straight day of protests against egyptian president morsi. we'll tell you how his most powerful opponents are now planning to rein him in. more "money" coming up. ♪ ♪ . melissa: and now, to the fiscal cliff. things seem to take a 180 as news out of the white house indicated progress, made....
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to avoid the so-called fiscal cliff? some days it feels that way. the president is stepping up his pr effort today delivering remarks this morning surrounded by, quote, middle class americans who will see their taxes go up if no deal is done. he'll sit down with more than a dozen ceos hater today including several who were prominent supporters of mitt romney. the white house even has a new hash tag called #pound#my2k. i asked jay carney whether this is just a game of running out the clock until the real negotiations begin in late december. is everything just killing time until the deadline comes? >> no. >> it seems everybody -- >> it doesn't feel like killing time. >> killing time until the final week and the jet fumes of the airport and then everybody will sit down and hammer this out. >> well, look, here's a fact, the president has on the table a proposal that reduces the deficit by $4 trillion. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he has actively put f
to avoid the so-called fiscal cliff? some days it feels that way. the president is stepping up his pr effort today delivering remarks this morning surrounded by, quote, middle class americans who will see their taxes go up if no deal is done. he'll sit down with more than a dozen ceos hater today including several who were prominent supporters of mitt romney. the white house even has a new hash tag called #pound#my2k. i asked jay carney whether this is just a game of running out the clock until...
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done to avoid the fiscal cliff. we will ask two senators who are in the crossfire what they would be willing to compromise on. >>> a special conversation with noted author and investor nassim taleb. his new book is called "antifragile." >>> halftime report returns in two. >>> it is time for our traders to face off over one of this year's biggest battleground stocks. jcpenney has lost nearly half of its value since january as the company struggles to remake its image. steve, john, you guys are going to debate it. i know you love this one. >> i love to be short this one. i'm short again and when jim cramer came out this morning and talked about pvh and related that to jcpenney sales in izod, stock popped up over $1. i shorted some more. >> he still said he didn't like it. >> he came back and said he didn't like it but the market misinterpreted it. so i went through the circulars before black friday and they undercut macy's on every item. i went through the circulars. couldn't help it. that's the only part of the "time
done to avoid the fiscal cliff. we will ask two senators who are in the crossfire what they would be willing to compromise on. >>> a special conversation with noted author and investor nassim taleb. his new book is called "antifragile." >>> halftime report returns in two. >>> it is time for our traders to face off over one of this year's biggest battleground stocks. jcpenney has lost nearly half of its value since january as the company struggles to remake...
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harry reid said republicans are holding up a deal on the so- called fiscal cliff. republicans said they do not understand why democrats are looking to change the rules on filibusters. this is 20 minutes. >> we had a meeting with the four leaders up here at the white house, it went very well. the problem was that was before thanksgiving. and since that time, there has been little progress with the republicans, which is a disappointment to me. we only have a couple of weeks to get something done. we have to get away from the happy talk and start talking about specific things. and one month taxes are set to rise for all americans. we passed in the -- we passed in the senate a piece of legislation to protect people making less than $250,000 a year. we have rejected on a bipartisan basis the republicans' efforts to extend the tax cuts for everybody. those are the two majors we have dealt with on the senate floor. if we fail to reach an agreement, the average middle- class family will see their taxes go up by 2,200 a year. as i have indicated, the senate has acted to sto
harry reid said republicans are holding up a deal on the so- called fiscal cliff. republicans said they do not understand why democrats are looking to change the rules on filibusters. this is 20 minutes. >> we had a meeting with the four leaders up here at the white house, it went very well. the problem was that was before thanksgiving. and since that time, there has been little progress with the republicans, which is a disappointment to me. we only have a couple of weeks to get something...
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this one to sell his plan for dealing with the fiscal cliff, we will hear from the president at the white house this hour. connell: and the powerball lotterr everybody is talking about is creating a frenzy, but we have a reality check today with another big story we have been following. it would run the government for an hour and 15 minutes. dagen: and it would last me for half a year. charlie gasparino on the future of the firm and the leader. connell: we start things off with nicole petallides. stocks nowwevery 15 minutes. dagen: good morning. nicole: good morning. we are certainly embedded that3 story. but i wanted to take a look at the broader market. you see they are improving some. pertaining to the fiscal cliff, it really is a market moving event. you have john boehner talking but he is optimistic a deal can be reached. this comes on the heels of yesterday when you had harry reid expressing caution about the fact things ar were nt going that well. we are seeing the market to the downside, they have improved and you can see it spiked up. alaska mitra said to them. dagen: speaking of
this one to sell his plan for dealing with the fiscal cliff, we will hear from the president at the white house this hour. connell: and the powerball lotterr everybody is talking about is creating a frenzy, but we have a reality check today with another big story we have been following. it would run the government for an hour and 15 minutes. dagen: and it would last me for half a year. charlie gasparino on the future of the firm and the leader. connell: we start things off with nicole...
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ready to sit down, one would hope and work out a deal on the fiscal cliff. but republicans are angry that president obama is going back on the road this week to seek support, build support among the american people for that tax break for 98% of americans. mitch mcconnell insists president obama instead should be sitting down with him and john boehner. baloney! president obama learned a long time ago didn't he, that any time spent time with mitch mcconnell and john boehner is a total waste of time. we'll get into that and a whole lot more. first, take time out here at the top of the hour to get the latest, today's current news update from lisa ferguson out in los angeles. hi lisa. good morning. >> hey bill, good morning everyone. congress is back in session and bill mentioned what we're seeing from the republicans. here's what we're seeing from the democrats. they are starting to draw a hard line over entitlement benefits now during the talks over the fiscal cliff. their latest message to republicans is hands off. both social security and medicare. yesterday,
ready to sit down, one would hope and work out a deal on the fiscal cliff. but republicans are angry that president obama is going back on the road this week to seek support, build support among the american people for that tax break for 98% of americans. mitch mcconnell insists president obama instead should be sitting down with him and john boehner. baloney! president obama learned a long time ago didn't he, that any time spent time with mitch mcconnell and john boehner is a total waste of...
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the fiscal cliff negotiations. the tax hike negotiations. we don't know what's in the deal. syndicated columnist charles krauthammer is saying president is interested in destroying republicans in advance of the next mid-term election. fair and balanced debate coming up. >> this is a political attack on republicans. there is no evidence right now that he has any interest in the real fiscal issue because he would have to talk about spending and entitlements and he isn't. megyn: deadly developments out of syria. two coordinated car bombs rocking the capital of damascus. a car bomb ripped through commuters, and as they rushed to help another bomb won't off. a syrian newspaper report says the attack targeted those loyal to bashar al-asaad. new questions about president obama's approach to the fiscal cliff negotiations. taxes are going to go up and there will be massive defense spending cuts come next year if they don't do something on capitol hill. we showed you at the top of the hour how the white house was grilled about what spending cuts are being negotiated to avoid these pen
the fiscal cliff negotiations. the tax hike negotiations. we don't know what's in the deal. syndicated columnist charles krauthammer is saying president is interested in destroying republicans in advance of the next mid-term election. fair and balanced debate coming up. >> this is a political attack on republicans. there is no evidence right now that he has any interest in the real fiscal issue because he would have to talk about spending and entitlements and he isn't. megyn: deadly...
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to avoid the fiscal cliff. one analyst said we're all on pins and needles waiting for every bit of news or rumors coming out of washington. the dow is up 79. the nasdaq is up 14. s & p is up 7. >>> 400,000 unemployed californians are also closely watching the fiscal cliff negotiations in washington, d.c. that's because emergency federal unemployment benefits are due to expire december 29, unless congress extends them. in california notices of the possible loss of benefits are in the mail this week. >>> powerball ticket sales are soaring today as the clock ticks down to tonight's drawing of a record jackpot. people all over the country are joining the rush to get rich. the powerball pay off has ballooned to more than $550 million. it's still growing. there are no powerball tickets sold in california. one of eight state that is don't sell powerball tickets. many are are relying on out of state friends to buy them a ticket. others are taking a trip to oregon to buy their chance at the good life. >>> today, a live
to avoid the fiscal cliff. one analyst said we're all on pins and needles waiting for every bit of news or rumors coming out of washington. the dow is up 79. the nasdaq is up 14. s & p is up 7. >>> 400,000 unemployed californians are also closely watching the fiscal cliff negotiations in washington, d.c. that's because emergency federal unemployment benefits are due to expire december 29, unless congress extends them. in california notices of the possible loss of benefits are in...
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cliff. if there is no deal we will all see tax hikes and government will cut spending beginning january. president obama has also called apple's ceo cook to get his input. >>> 5:17. first of a series of storms is arriving in the bay area now. >> not that we want to panic when the national weather service calls it a river of rain -- >> many terms, atmospheric river, pineapple express, we don't like those terms. it puts everybody in a panic we will get through this. live look right now from our sutro camera, wind warning along the coast. you can see heaviest cells offshore from the north coast, mendocino, sonoma, marin light rain around the bay continuing to develop. closer look from sea ranch, fort ross, highway 1, bodega bay, wet around windsor over the richmond san rafael bridge, lighter returns the blue here pinole wet weather into the east bay 680 looking at wet weather as well as milpitas and down around the south a from pescadero. wind advisory is going to keep temperatures up, gusty so
cliff. if there is no deal we will all see tax hikes and government will cut spending beginning january. president obama has also called apple's ceo cook to get his input. >>> 5:17. first of a series of storms is arriving in the bay area now. >> not that we want to panic when the national weather service calls it a river of rain -- >> many terms, atmospheric river, pineapple express, we don't like those terms. it puts everybody in a panic we will get through this. live look...
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voicing his optimism they could reach a deal with the white house and avoiddthe fiscal cliff. looking at the oneesentence in that one word, optimism. >> that is right, with the president's remarks that he would like to see framework to avoid the fiscal cliff by christmas. sitting treasury debt up to capitol hill tomorrow to meet with congressional leaders, democrats and republicans. in the meantime the president keeping up the pressure on republicans from here to extend expiring tax cuts for middle-class taxpayers, but let them expire for wealthier taxpayers. take a listen. >> the place where we already have and three complete agreement right now is on middle-class taxes. as i have said before, we have two choices. if congress does nothing, every family in america will see the taxes automatically go up the beginning of next year. >> as we have been reporting all day, the president set to meet with a bunch of ceos of major corporate leaders here that will probably start wondering about 90 minutes to get underway around 4:45 here at the white house, 14 of them showing up includi
voicing his optimism they could reach a deal with the white house and avoiddthe fiscal cliff. looking at the oneesentence in that one word, optimism. >> that is right, with the president's remarks that he would like to see framework to avoid the fiscal cliff by christmas. sitting treasury debt up to capitol hill tomorrow to meet with congressional leaders, democrats and republicans. in the meantime the president keeping up the pressure on republicans from here to extend expiring tax cuts...
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fiscal cliff crisis now, but tackle entitlements, the entitlement questions, later. yesterday, senator lamar alexander said the only thing the president has to do to get an agreement from republicans now is in his words, propose a reasonable way, a reasonable way to control entitlement spending. so is this a catch 22? who bends here? >> i don't expect us to have entitlement reform before december 31st. this is too technical, too important. let's do it right. but i do believe and i said it, any long term deficit reduction will require entitlement reform for one simple reason. medicare untouched, unchanged, runs out of money in 12 years. we need to take a hard look at it to find ways to preserve this important program, have savings that don't hurt the beneficiaries, and actually do reduce the deficit in the process. >> what about those republican critics, senator, who say it's not possible to make any real progress without -- on spending, shall we say, without seriously addressing the medicare, the medicaid, maybe even the social security entitlement program and to do
fiscal cliff crisis now, but tackle entitlements, the entitlement questions, later. yesterday, senator lamar alexander said the only thing the president has to do to get an agreement from republicans now is in his words, propose a reasonable way, a reasonable way to control entitlement spending. so is this a catch 22? who bends here? >> i don't expect us to have entitlement reform before december 31st. this is too technical, too important. let's do it right. but i do believe and i said...
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. >>> the looming fiscal cliff is one reason you may want to take that lump sum. if no deal is reached, and taxes go up, most financial advisers say that could cost the winner millions. >>> and with that fiscal cliff ahead, president obama is mounting a full-court press, making his case for higher taxes on wealthier americans, even as critics accuse him of being back in campaign mode. he'll meet today with mittle-class meshes who taxes will go up if there's no deal by the end of the year. and he talked to high-powered ceos about cutting the nation's deficit. >>> susan rice, who is the front-runner to be the next secretary of state, is back to capitol hill for more meetings with some of her harshest critics. the topic this time, her comments after the attack on the consulate in libya on september 11th. tahman bradley has the latest from washington. >> reporter: u.n. ambassador susan rice faces more tough diplomacy on capitol hill. rice is the leading candidate for secretary of state in president obama's second term. but prominent gop lawmakers are trying to stop he
. >>> the looming fiscal cliff is one reason you may want to take that lump sum. if no deal is reached, and taxes go up, most financial advisers say that could cost the winner millions. >>> and with that fiscal cliff ahead, president obama is mounting a full-court press, making his case for higher taxes on wealthier americans, even as critics accuse him of being back in campaign mode. he'll meet today with mittle-class meshes who taxes will go up if there's no deal by the end...
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with that looming fiscal cliff. the president will meet with middle-class americans who will see their taxes go up if congress does not take action. >>> egyptians are once again expressing their anger towards president mohamed morsi. 200,000 people were there yesterday and they are protesting the decision by the newly elected president by granting sweeping powers. again, people out there have a live look and protesters have clashed with police and just today the highest appeals court are now suspending their work until president mohamed morsi rescind his decree. >>> in san diego chile, the new law would establish fishing quotas which discriminates against them in favor of large scale operations. they also say it. >> would require them to use gps which a system they can't afford. >>> rice is trying to explain why she gave what she now acknowledges is an incorrect explanation of the 9/11 deadly attack on the u.s. consulate. she did not win over john mccain and lindsay graham in her meeting yesterday and the senators r
with that looming fiscal cliff. the president will meet with middle-class americans who will see their taxes go up if congress does not take action. >>> egyptians are once again expressing their anger towards president mohamed morsi. 200,000 people were there yesterday and they are protesting the decision by the newly elected president by granting sweeping powers. again, people out there have a live look and protesters have clashed with police and just today the highest appeals court...
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as part of the fiscal cliff negotiations and not later. also today, aflcio local leaders from 33 states are putting pressure on congressional lawmakers to let the bush tax cuts expire for the wealthy and keep social security off the table. let's turn to james hoffa, general president of international brotherhood of teamsters. always a pleasure. good to have you with us. sometimes when you get politicians and supporters and voters, it's like hurting cats, so to speak. everybody goes in their own direction and they all want their own thing. how do you feel right now about the unity of where this is going for the democrats? what's your understanding of how the white house meeting went today? >> right now, people are saying we have to stand tall. we had an election. these were the issues in the election. what organized labor is doing is urging this administration to stand tall. that was the message that was delivered today. we won and these were the issues. they wanted to send you a voucher for your medicare. they want to reform basically ever
as part of the fiscal cliff negotiations and not later. also today, aflcio local leaders from 33 states are putting pressure on congressional lawmakers to let the bush tax cuts expire for the wealthy and keep social security off the table. let's turn to james hoffa, general president of international brotherhood of teamsters. always a pleasure. good to have you with us. sometimes when you get politicians and supporters and voters, it's like hurting cats, so to speak. everybody goes in their own...
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to avoid falling off the fiscal cliff? >> the president has been quite clear that he wants a balanced approach to our deficit problems, that he wants higher revenue raised from increasing taxes for the top 2%, the most fortunate americans, and spending cuts so that we are on a fiscally sustainable path. >> but what happens if the republicans get to december 30th and say no deal? we are not going to sign up to anything that involves genuinely increasing taxation even for the 2%? what is plan b? >> well, first of all, i don't think that's in the country's best interest, and i think we've heard from republicans that they are finally talking about raising revenue from upper income families, so these are solvable problems and we are doing our best to try to solve them. >> right. but everyone is getting very tired of this groundhog day fiscal cliff scenario. i feel like i've been covering this my entire life. there's got to be a sense in washington of the public just wanting this to be settled sooner rather than later. a show of
to avoid falling off the fiscal cliff? >> the president has been quite clear that he wants a balanced approach to our deficit problems, that he wants higher revenue raised from increasing taxes for the top 2%, the most fortunate americans, and spending cuts so that we are on a fiscally sustainable path. >> but what happens if the republicans get to december 30th and say no deal? we are not going to sign up to anything that involves genuinely increasing taxation even for the 2%? what...
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to avoid a fiscal cliff. jon? jon: peter barnes outside the white house. peter has a beautiful backdrop today. it is a good thing. we don't backdrop here in the studio at the moment, peter. looking good at the white house. >> reporter: thanks. jenna: there has been a lot of talk about secretary of state hillary clinton and what she will do potentially after she leaves the state department. how well does she do her job? what's next? we'll take a closer look ahead. [ male announcer ] with 160 more miles per tank, the distances aren't getting shorter. ♪ the trucks are going farther. the new 2013 ram 1500. ♪ with the best-in-class fuel economy. engineered to move heaven and earth. ♪ guts. glory. ram. jon: fox news alert for you now. we are awaiting remarks from president obama. he is pushing his plan to try to avoid the year-end fiscal cliff. this speech comes ahead of a meeting between the president and business leaders later today discussing actions the white house says are aimed at growing the economy an
to avoid a fiscal cliff. jon? jon: peter barnes outside the white house. peter has a beautiful backdrop today. it is a good thing. we don't backdrop here in the studio at the moment, peter. looking good at the white house. >> reporter: thanks. jenna: there has been a lot of talk about secretary of state hillary clinton and what she will do potentially after she leaves the state department. how well does she do her job? what's next? we'll take a closer look ahead. [ male announcer ] with...
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with the impending austerity bomb better known as the fiscal cliff, quickly approaching both sides seem to think of a way to push for the deal they want is to take their case to the american public. today, the white house announced the president will travel to a manufacturing facility in pennsylvania on friday for campaign-style event designed to boost public support for a package that includes tax rate increases for the wealthy. not to be outdone speaker boehner announced that house republicans would be making similar appearances across the country, going to small businesses to speak about the "threat to jobs posed by congressional democrats" small business tax hike. while members of congress plan to take their case to the american people, the afl-cio is planning to take the american people to members of congress sending 33 local union leaders to capitol hill to push members of congress to let the bush tax cuts expire and leave social security untouched. one positive to emerge from negotiations so far has been that for the first time in recent memory, republicans have expressed an open
with the impending austerity bomb better known as the fiscal cliff, quickly approaching both sides seem to think of a way to push for the deal they want is to take their case to the american public. today, the white house announced the president will travel to a manufacturing facility in pennsylvania on friday for campaign-style event designed to boost public support for a package that includes tax rate increases for the wealthy. not to be outdone speaker boehner announced that house...
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with that looming fiscal cliff. they are saying taxes will go up if congress does not act. >>> still on the scene of a fire that may have been intentionally started inside a classroom at alameda high school. brian flores joins us with more on why the fire was considered suspicious. >> reporter: it looks like police investigators are here now continuing to gather any evidence they can from this suspicious early morning fires. now let's go to video we shot earlier this morning. according to investigators, the fire started roughly around 3:00 a.m. this morning and one of the classrooms had flames coming out of it from a nearby window and they quickly put it out but what they found was one of the windows was opened and it leads officials to believe it is suspicious in nature. >> we had a fire alarm at the alameda high school and we came here and found a fire and put the fire out and the fire is suspicious in nature. >> reporter: now in terms of damage several books were burned and a window was damaged. police believe th
with that looming fiscal cliff. they are saying taxes will go up if congress does not act. >>> still on the scene of a fire that may have been intentionally started inside a classroom at alameda high school. brian flores joins us with more on why the fire was considered suspicious. >> reporter: it looks like police investigators are here now continuing to gather any evidence they can from this suspicious early morning fires. now let's go to video we shot earlier this morning....